PricewaterhouseCoopers will lead a consultancy aimed at creating a regional stock exchange to serve the Caribbean Community.

Caricom member states believe the study will lay the groundwork for a more integrated and accessible capital market ecosystem and present more options for regional capital raising.

However, a key goal will be to find a framework for the exchange that is efficient, minimally burdensome and easy to regulate.

The study will be carried out in two phases. The first will be to establish whether an exchange is feasible. The second will identify the right model and outline the architecture.

PwC said the Jamaica Stock Exchange, the largest stock exchange regulator in the English-speaking Caribbean, where several companies are listed and traded, has long been in favour of a regional stock exchange, and Marlene Street Forrest, the managing director of the JSE, argued last week for its creation.

The Caricom Private Sector Organisation, which is managing the study, said the move for a Caribbean stock exchange could reshape the region’s capital markets and deepen economic integration.

The regional stock exchange study was endorsed by Caricom heads of government at the 48th meeting of the conference, held in Barbados in February. PwC expects to work in close collaboration with the CPSO’s steering committee and other stakeholders to align the project with regional and international goals and best practices.

The CPSO says it is “delighted to be partnering with regional stakeholders and with PwC in undertaking this study, given the transformative potential for the community”, noting, “the establishment of a robust and dynamic regional stock exchange is crucial for fostering economic growth, attracting investment, and providing new opportunities for businesses and investors across the region”.

The decision to select PwC to lead the study was made at a meeting of the steering committee in July.

Representatives from regional stock exchanges, dealer-brokers, listed companies, central bank governors, the Caricom Secretariat, regulators and representatives from the CPSO’s executive committee and secretariat comprise the steering committee, which will manage and co-ordinate the project.